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The global cannabis cultivation market size is expected to reach USD 358.8 billion by 2027, expanding at a CAGR of 14.3% from 2020 to 2027.
Growing legalization and adoption of cannabis for the treatment of chronic diseases is positively impacting the market growth. Furthermore, the liberalization of laws related to hemp and marijuana by various countries is further bolstering revenue growth over the forecast period.
Based on biomass, the hemp segment dominated the market in 2019. Factors contributing to increase in demand include increasing adoption of hemp and derived products and its growing acceptance among the users due to its low THC content. It is mainly used by people who intend to reap the medical benefits of the plant without getting intoxicated. In addition, positive government reforms regarding the utilization of hemp in many countries is further propelling the market growth.